Creating a limited liability corporation (LLC) is one of the first steps you must do if you want to launch a business in Maine. Because it offers some personal liability protection for the owners while retaining the flexibility of a partnership or sole proprietorship, an LLC is a popular choice for small business owners. But how long does it take in Maine to form an LLC?
It depends on a few different circumstances, is the response. Online or postal applications for an LLC are accepted in Maine. The processing time is typically quicker for online filing than for mail-in filing. According to the website of the Maine Secretary of State, online filings are normally handled in 1-2 business days, whereas submissions sent by mail might take up to 10 business days.
But remember that processing times can also vary depending on the workload of the Secretary of State’s office. Processing times could be extended during busy periods like tax season at the end of the year. Before submitting your LLC application, it’s a good idea to check the website of the Maine Secretary of State to see what the current processing times are.
Should your LLC be registered as a corporation instead? The distinction between an LLC and a corporation must be made. An LLC is taxed differently than a corporation even though it is a separate legal entity from its owners. Generally speaking, an LLC is an excellent option for small firms that desire the liability protection of a corporation but don’t want the formality and documentation needs that come with a corporation. But because each business is different, it’s always a good idea to speak with an attorney or accountant before deciding how your company will be structured.
Can a DBA be filed online? You can register your “Doing Business As” (DBA) name in Maine online, yes. A DBA allows you to lawfully conduct business under a name other than the one your LLC has registered as its legal name. If you want to use a different name for marketing or branding reasons, this can be useful.
How can you add a DBA to an LLC in Maine in this regard? You must submit a Certificate of Registration of a Trade Name to the Maine Secretary of State’s office in order to add a DBA name to your Maine LLC. Online or mail-in filing is an option. There is a $25 filing fee.
In Maine, how can you modify your company name accordingly? You must submit Articles of Amendment to the Maine Secretary of State’s office in order to change the legal name of your LLC there. Online or mail-in filing is an option. A $50 filing fee is required. Remember that amending your business licenses, permits, and other legal papers will be necessary in addition to changing your LLC’s legal name.
In conclusion, depending on how you file and the volume of work the Secretary of State’s office is dealing with, the time it takes to form an LLC in Maine can vary. Before submitting your filing, it’s usually a good idea to verify the current processing times. A lawyer or accountant may also be able to help you decide if an LLC or corporation is the better option for your company. Last but not least, make sure to follow the correct filing requirements with the Maine Secretary of State’s office if you wish to add a DBA name or change the legal name of your LLC.
You can utilize your personal bank account for business transactions if you’re a lone proprietor, yes. To keep your personal and business finances separate for better record-keeping and to make tax filing simpler, it is advised to open a separate business bank account.